Income Tax Data

Tax dept issues 10,000 reopening notices to various entities so far

Initial data suggest undisclosed income to the tune of Rs 15,000 cr

Filing belated ITR, balancing investment risk: Top personal finance stories

This week we write about how you can file tax returns after deadline and why investors must temper their market expectations

Income Tax department recovers Rs 73,500 cr in pending dues for FY24

Corporate tax made up Rs 56,000 crore, personal income tax constituted Rs 16,500 crore, and undisclosed income from foreign assets accounted for Rs 50 crore

I-T dept freezes Cong's bank accounts, appellate tribunal de-freezes later

The Congress on Friday said Income Tax authorities had frozen its main bank accounts, impacting all political activity. However, the accounts were later de-frozen by the Income Tax Appellate Tribunal pending a further hearing next week. Party leader Vivek Tankha, who appeared before the tribunal against the order, said the party was now allowed to operate its bank accounts. The tribunal will hear the matter next Wednesday before a final decision is taken on the matter. Tankha said he told the tribunal that the Congress would not be able to participate in the "festival of elections" in case its accounts remain frozen. Earlier in the day, treasurer Ajay Maken said the Income Tax department had frozen the Congress' main bank accounts on "flimsy grounds" and this affected all political activity of the party barely two weeks before general elections are announced. The accounts, including that of the Indian Youth Congress, were frozen on an Income Tax demand of Rs 210 crore for 2018-19,

SC to see if nuns, priests working as teachers entitled for I-T exemption

The Supreme Court has agreed to examine an important legal question whether nuns and priests, working as teachers in government-aided Christian missionary schools, are entitled to income tax exemption. A bench comprising Chief Justice D Y Chandrachud and Justices JB Pardiwala and Manoj Misra on Thursday took note of the submissions of senior advocate Arvind Datar that the plea of several dioceses and congregations from Tamil Nadu and Kerala on the issue needed an urgent hearing. The bench agreed to consider listing the plea, which raised the issue whether the income of nuns and priests, working as teachers, can be subjected to income tax. In December, 2014, the Income Tax department asked the educational authorities to effect TDS (tax deducted at source) from persons working as teachers. The appeals have been filed in the top court after the high courts did not agree to the challenge raised by nearly 100 dioceses and congregations from Tamil Nadu and Kerala. The plea said the inco

Net direct tax mop-up rises 19% to Rs 14.7 trillion till January 10

RE for mop-up could be higher than BE as collections cross 80% of FY24 target

Mystery of 40,000 manufacturers disappearing from tax data amid Covid-19

Companies' share in overall corporate profit has declined as India tries to boost sector

There is no better investment in long run than equities: Samir Arora

SAMIR ARORA, founder and fund manager of Helios Capital, is on the cusp of launching a mutual fund (MF) business in India

Market movers: Explaining the surge in Indians declaring capital gains

Income Tax data shows how new investors are making money and how much

IT Department launches AIS app for taxpayers, full details here

The income Tax Department launches an AIS application for taxpayers aiming to provide each transaction information taxpayers and accept their feedback

Apply for re-computation of income under Rule 132 to avoid tax penalty

Those with income from business or profession, who have availed deduction on cess/surcharge, must do so by March 31

FinMin asks Infosys to work on ways to access taxpayers' data accurately

FinMin suggests it boosts pre-filled data, rolls out new payment system

Of 62.6 mn income tax returns filed for FY21, 45 mn processed, says CBDT

More than 5.41 crore income tax returns (ITRs) filed have been verified and 1.58 crore refunds amounting to Rs 31,857 crore for AY 2021-22 (2020-21 fiscal) have been issued

Why estimates of India's crypto-owning population could be exaggerated

As the debate around regulating-or even banning-private cryptocurrency grows, it is important to know how big India's crypto market really is

Yes, only 15 million Indians pay tax; but who is to blame for this?

It is Mr Modi's govt that has added to the problem, and it can resolve it, only if it has the stomach to ignore the inevitable howls of protest from a very vocal middle class, writes T N Ninan

Direct Tax Code 2.0: Task force for big relief to individual taxpayers

Income tax payers earning up to Rs 55 lakh per annum may end up with a major tax relief

Only 61 individuals declared gross income of over Rs 100 cr in FY17: Govt

The income tax authorities till December 2018 have identified more than 2,000 benami transactions

Finance ministry mulls releasing I-T data annually

After almost 16 years, the revenue department last week made public three sets of data related to direct taxes, including time series data since 2001-02